Allied Properties Real Estate Investment Trust Completes $230 Million Public Equity Offering
Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of urban office environments operating in Canada’s major cities, recently completed its $230 million public equity offering of units.
On August 19, 2016, Allied completed an offering of 6,089,250 units (inclusive of 794,250 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $37.80 per unit for gross proceeds of just over $230 million. Allied intends to use the net proceeds from this offering: (a) to fund the acquisition of three properties in Toronto previously announced on August 3, 2016; (b) to pay down the remaining balance on Allied’s unsecured line of credit; and (c) for ongoing development and general trust purposes.
Aird & Berlis LLP represented Allied with a team comprised of Margaret Nelligan, Sherri Altshuler, Anne Miatello, Melanie Cole, Daniel Everall and Amy Marcen-Gaudaur (corporate and securities),Mike Smith (real estate), and Barbara Worndl and Carol Burns (tax).